Any beneficiary fund not exceeding fifty thousand dollars ($50,000) set apart, appropriated or paid by any benevolent association or society, according to its rules, regulations or bylaws, to the family of any deceased member or to any member of the deceased member's family, shall not be liable to be taken by any process or proceedings, legal or equitable, to pay any debts of the deceased member. History: Laws 1887, ch. 37, § 7; C.L. 1897, § 1741; Code 1915, § 2315; C.S. 1929, § 48-105; 1941 Comp., § 21-504; 1953 Comp., § 24-5-4; 1978 Comp., § 42-10-4; 2023, ch. 104, § 5. The 2023 amendment, effective July 1, 2023, raised the exemption amount from five thousand dollars to fifty thousand dollars for beneficiary funds; added the section heading "Benevolent associations; benefits"; and after "not exceeding", changed "five" to "fifty", after "dollars", added "($50,000)", and after "to any member of", deleted "such" and added "the deceased member's". Applicability. — Laws 2023, ch. 104, § 13 provided that the provisions of Laws 2023, ch. 104 apply to actions filed on or after July 1, 2023. Law reviews. — For comment, "A Comparison of State and Federal Exemptions: 11 U.S.C. § 101-1330 (Supp. II 1978)," see 10 N.M.L. Rev. 431 (1980). Am. Jur. 2d, A.L.R. and C.J.S. references. — Construction and effect of statutory exemptions of proceeds of workmen's compensation awards, 31 A.L.R.3d 532. Validity, construction and effect of statutory exemptions of proceeds of workers' compensation awards, 48 A.L.R.5th 473.
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